Friday, January 27, 2012
Getting over the foreclosure stigma
For anyone that has gone through foreclosure I think getting over the stigma is one of the hardest things. I don't think anyone starts out when they are buying a home or an investment property thinking 'oh I would like to get foreclosed on'. Prior to 2008 I myself believed that it was someone else who got foreclosed on, certainly if people worked hard and planned accordingly this didn't happen. Well the financial meltdown of 2008 taught me something different. I am just an average American mom who like most mom's wanted to do well for her family. I thought I was making all the right moves and planning accordingly; in hindsight I wish I had done many things differently. We learn from our mistakes but sometimes they are very painful lessons. I was in the mortgage business, in fact owned my own branch, my husband is a general contractor who runs his own company. Neither of us have had any luck in the stock market so we invested in what we believed in, what we knew, real estate; it was our livelihood for years. When the market crashed we had twelve properties, everyone of them had a mortgage. In a very short time we watched our careers, built over almost thirty years, vanish. I'm not sure how we could have planned for that and maybe we should have seen the meltdown coming, but we didn't. So when our president talks about the "responsible people" who paid their mortgage getting assistance, I take offense. First their is no real assistance, one just has to look at the statistics of how many people got it; the numbers are staggeringly low. Secondly the average American was trying to be responsible they just weren't able to be; circumstances beyond our control would not allow it. So yes, I've been foreclosed on, multiple times, so I consider myself somewhat of an expert on it. I have also had to get over the stigma of foreclosure. I like most Americans didn't plan on it.